The Power of Zimswitch in Zimbabwe's Digital Payment Ecosystem

Zimswitch has been a game-changer in Zimbabwe's digital payment ecosystem.

It has enabled online transactions, making it possible for people to pay bills, buy goods, and even send money across the country without the need for cash.

Zimswitch has also facilitated the growth of mobile money services, with companies like Econet's EcoCash and Telecel's Telecash benefiting from its infrastructure.

This has led to increased financial inclusion, with more people having access to financial services than ever before.

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Zimswitch offers a secure and efficient payment process that ensures swift and reliable transactions.

Merchants can process payments through various channels, including online, mobile, and card transactions.

The system allows for real-time settlement, enabling merchants to access their funds quickly.

Zimswitch has partnered with major banks and financial institutions to provide a wide range of payment options.

This partnership ensures that merchants can accept payments from various sources, increasing their customer base.

The payment process is also supported by a robust security system that protects sensitive information.

This ensures that merchants and customers can trust the system with their financial transactions.

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To add Zimswitch Online as a payment option, you'll need to go through a two-stage process.

The first stage involves applying for the service at a bank that supports the payment platform, which is any one of the banks listed in the previous section.

You'll then need to apply to Zimswitch to get their API for integrating Zimswitch Online into your online platform.

Zimswitch processes over 75% of all card-based transactions in Zimbabwe, making it a critical component of the country's electronic payments ecosystem.

The company has recognized the growing threat of fraud in the digital payments space and has taken steps to address it. Zimswitch is committed to delivering high levels of security and fraud protection to meet the demands of the payment environment.

Zimbabwe is experiencing a surge in fraud threats as digital channels evolve, and Zimswitch is working to create a secure and efficient payment system that addresses these challenges. This includes leveraging ACI's technology to integrate a new fraud management solution into its existing payment infrastructure.

The new solution is expected to go live in early 2025 and will help to strengthen Zimbabwe's payment security and position Zimswitch as a key player in driving innovation in financial technology across Africa.

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Zimswitch has a long history of collaboration, dating back to 2007 when it began using ACI Worldwide's payment processing solutions for retail transactions across multiple channels.

This partnership has been a game-changer for Zimswitch, allowing it to simplify payment processes and reduce fraudulent activities.

The latest integration of ACI's Fraud Management and Payments Intelligence solution marks a significant upgrade, aimed at minimising financial losses.

Zimswitch's partnership with ACI Worldwide dates back to 2007. They started using ACI's payment processing solutions for retail transactions across multiple channels.

The collaboration has been a long-standing one, with a significant upgrade in 2007. This marked the beginning of a fruitful partnership that has endured for many years.

ACI's payment processing solutions have been instrumental in Zimswitch's success, allowing them to process transactions efficiently.

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Mastercard has partnered with Zimswitch to modernize Zimbabwe's payment infrastructure, using Mastercard's technology, products, and services. This partnership aims to support the Reserve Bank of Zimbabwe's vision of a modernized and interoperable payment system.

The partnership will enable Zimswitch to launch a co-branded contactless card program featuring EMV technology for safer, smarter, and more secure transactions. Zimswitch will also introduce Mastercard's digital payment solutions, a loyalty platform, and a national fraud and risk management solution.

Zimswitch will leverage Mastercard's global network to process all payments from major international card schemes, allowing international visitors and locals to book and pay for travel, visas, and government services online. This will further support small businesses, the private, and public sectors.

Mastercard's commitment to financial inclusion means the company is actively leveraging technology to simplify and reduce the cost of transacting, making it easier for people and businesses to transact. This is especially important in the wake of the COVID-19 pandemic, where many vulnerable populations have been disproportionately impacted by economic challenges.

The partnership aims to unlock best-in-class payment solutions that will position Zimbabwe at the forefront of the global financial system, boosting investment and making transactions easier. Mastercard's strategy is focused on enabling digital transformation for partners, providing seamless access to payments and a superior experience when transacting across different platforms.

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